Friedland warns of copper ‘crisis’ as mine costs soar

From Mining.com

Copper in particular faces a forecasted supply chasm, mining mogul Robert Friedland told the Rule Symposium via a pre-recorded video interview from Telluride, Colorado. 

“The world is suffering from a shortage of copper metal,” the founder and executive co-chair of Ivanhoe Mines (TSX: IVN) said. But copper prices “fall woefully short” of supporting the development of new projects. The current price is around $4.60 per lb.

“We see a crisis coming in physical markets and a requirement for much higher prices to enable most of the copper projects that are in development to have a prayer coming in.”